Towards a Critique of Neoclassical Economics: how to Neutralize and Radicalize our Understanding of the Postulate of Independence of Agents and Goods

Hoon Hong
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Hoon Hong: School of Economics, Yonsei University

No 2018rwp-119, Working papers from Yonsei University, Yonsei Economics Research Institute

Abstract: In line with Marx¡¯s Zur Kritik der Politischen Okonomie, this paper intends to work towards laying the groundwork for a critique of neoclassical economics (NC). For this goal, this paper attempts at: conceptualization of objects of analysis; revelation of assumptions; concentration on qualitative aspects; systemization; contextualization and socialization. On the basis of the view that NC is built upon two pillars: price mechanism; individuals¡¯ rational choices, this exploration offers preliminary results about NC¡¯s postulate of independence. This postulate can be specified as: (i) independence among individuals as agents; (ii) quasi-independence among goods (and resources); (iii) independence between an individual and goods or things. In refutation of NC¡¯s strong version of methodological individualism, an increasing number of studies advocate the existence of social relations and interdependent self. Moreover, complementarity or interdependence among goods is to be conceded on the basis of behavioral economics. Furthermore, the so-called socio-materiality lays stress on interdependence between an agent and things. Lastly, the significance of social norm and of qualitative aspects of price is demonstrated.

Keywords: Marx; neoclassical economics; independence; interdependence; social relations; dialectics; context; behavioral economics JEL Classification: (search for similar items in EconPapers)
Pages: 31pages
Date: 2018-05
New Economics Papers: this item is included in nep-cbe, nep-his, nep-hme and nep-pke
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